Fallon continues strong performance with $25M net income in quarter
Photo | Grant Welker
Fallon Health's Worcester headquarters
Worcester's Fallon Health continues to perform well financially during the coronavirus pandemic, posting on Friday a net income of $25.4 million for third quarter ending in September.
That's the second straight quarter in which Fallon has hit nearly the exact same level of profitability. It's second quarter included an net income of $25.5 million.
Fallon reported $425 million in revenue for the third quarter, up from $415 million a quarter before and $429 million a year ago.
The company is taking a thoughtful approach to planning for 2021 with so much uncertainty from the pandemic, Todd Bailey, Fallon's CFO, said in a statement. Major insurers in Massachusetts have shown generally stronger financials during the pandemic, in part because elective procedures or routine check-ups have been delayed.
Fallon's membership grew to 257,856 from 253,344 a quarter prior.
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